|
Residential Real Estate Sale
Our fee for a standard sale of a residential home
in Ottawa is $749 plus HST (plus $71.30 for registration of discharge
of mortgage and $64.00 for a tax certificate). This includes
disbursements for lawyers fees, searches, and our fee for any mortgage
arrangements and discharges. We will charge extra for properties
that are out of town, extra mortgages, or any drafting or provision
of an Agreement of Purchase and Sale
PREPARATION OF YOUR FILE
What you do
- Call all utilities, cable and telephone to
cancel and obtain final meter readings. You must provide them
with your forwarding address for the final billing;
- Contact the tax department and find out what
the current payment has been for the year and what the final annual
tax bill will be.
- Cancel house insurance. Make sure it is cancelled
effective the day following the closing date;
- Cancel any contract services, for example,
alarm systems, newspapers, snow removal and/or other contract
services;
- Inform us of any mortgages that you have on
the property;
- Inform yourself of your mortgage payout figures.
Inquire with your bank as to what penalties, administration fees,
discharge fees, etc., will be charged. Please be aware that on
mortgage payouts, daily interest applies to the next business
day as per your bank's instructions;
- Powers of Attorney - in the event that you
will be unavailable to sign your final documents and you wish
to designate another party to sign on your behalf;
- Inform us of any potential
problems such as court judgments on title, matrimonial separation,
tax arrears, shortage of funds to pay mortgage(s), house problems,
etc.
What we do
- Review Agreement of Purchase and Sale;
- Review all documents which you are required
to sign by the Purchasers' lawyer;
- Preparation of usual documents for the closing
of the transaction;
- Obtain figures of any outstanding amounts
on any mortgage(s) and arranging for payment of these from sale
proceeds;
- Obtain a tax certificate;
- Payment of real estate commission fees, if
any from sale proceeds;
- Payment of our legal fees and disbursements
from sale proceeds;
- Meet with you for final signatures;
- Balance of sale proceeds will be given to
you directly;
- A final report letter will be delivered to
you.
APPOINTMENT FOR SIGNATURES AND CLOSING
DAY
We generally contact you 3 to 4 days before the
closing date to arrange for an appointment to review your file and
sign your final documents. This will be the only time we contact
you unless there are any major problems or we require additional
information. This final appointment will be held 1 or 2 days before
your closing day as the information from all parties involved is
usually only complete at this time.
You will meet with a lawyer to sign all pertaining
documents. This meeting for signatures will take approximately ½
an hour and all Vendors need to be present.
At this time, we will require one set of keys
to your property. Please ensure that all other keys, garage
door openers, warranties, manuals, and any other useful information
is left in a convenient, visible location.
On the day of closing, we will have possession
of the sale proceeds by 5:30 pm. The actual time varies depending
on the following factors:
- the time the lawyer for the Purchaser is prepared
to close
- line ups with high volume of closings at the
registry office (mid-month and month-end are worse)
- shortage of government staff at the registry
office
- traffic for couriers delivering files, sale
proceeds, etc. to and from the registry office
PICKUP OF SALE PROCEEDS
If you wish to pick up your sale proceeds personally,
you may do so at our office location as of noon on the day following
closing.
|
